Markets
BTC Fails to Recover $62K, SOL and DOT Rise 8% per Day (Market Watch)
Yesterday, Bitcoin’s price action pushed the asset above $62,000, but it failed to maintain its rally and has currently fallen below that level.
Several altcoins significantly outperformed the largest digital asset, including DOT, AVAX, and SOL.
BTC stopped at $62K
It hasn’t been a good week for the leading cryptocurrency in terms of price action. The asset entered Monday above $64,000 after a quiet weekend, which also spent at that level.
However, the bears did not wait long and began a massive decline that pushed Bitcoin south. In a matter of hours, BTC plummeted by several thousand dollars and crashed to $58,400 for the first time in nearly two months.
At this point the bulls finally stepped up and did not allow further declines despite the warnings. BTC rebounded and quickly reclaimed the coveted $60,000 line and jumped to more than $62,000 on Wednesday.
At first he failed there, retraced slightly, but yesterday he went on the offensive again. However, to no avail, as the latest rejection dropped him back down to $61,500, where he is now.
Its market capitalization has managed to surpass $1.2 trillion, but its dominance over alt-trades remains below 50.5%.
Bitcoin/Price/Chart 28.06.2024. Source: TradingView
DOT, AVAX and SOL on the rise
Perhaps the biggest news in the sector yesterday came from VanEck when the asset manager filed to launch the first Solana ETF in the United States. As a result, the price of SOL immediately increased and reached $150 for the first time in a few weeks. Despite the slight retracement, SOL is still up 7% on the day.
Other gainers include Avalanche (9%) and Polkadot (8%). AVAX has climbed above $28, while DOT is now well above $6.
Most other larger-cap alternatives are also in the green, albeit more modestly. FET and TRX are among the few in red.
The total cryptocurrency market cap regained about $40 billion overnight and now stands at over $2.4 trillion on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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Cryptocurrency charts by TradingView.